Buying a domain name worth $8000 or more is not news at all; there is nothing wrong with that.
It was reported on citifmonline.com on Thursday, June 2, 2016 that, Ghana Cocoa Board (COCOBOD) spent $20,000 of the $1.8 billion syndicated loan for the 2015/2016 crop season on renting a venue for a signing ceremony, the company has explained that $8,000 of that amount was used to secure a domain name for a special website. It said the website was necessary for easy access to information relevant to the loan agreement.
But, it is very sad for an Institution like COCOBOD to spend such an amount to purchase a domain just to access information to the loan agreement.
Do they really need a website to access information relevant to the loan agreement?!
Can we be this cruel to ourselves? hmmm
Even if they want to argue from security reasons, there are many ways of achieving this. The use of SSL certificates will still not have a domain cost that much.
An SSL Certificates are small data files that activate a security padlock and the https protocol  that ensure secure connections from a web server to a browser. It is typically used to secure credit card transactions, data transfer and logins.
Fine, I agree some domains can be expensive but most of such recorded purchases where for service oriented websites or application that will in return bring in some profit!
Below are some world noted domains and how much they were sold for:

  1. MM.com — $1,200,000

  2. Power.com — $1,261,000

  3.  eBet.com — $1,350,000

  4. Cameras.com — $1,500,000

  5. Russia.com — $1,500,000

  6. Tandberg.com — $1,500,000

  7. Ticket.com — $1,525,000

  8. DataRecovery.com — $1,659,000

  9. Auction.com — $1,700,000

  10. Dating.com — $1,750,000

  11. Fly.com — $1,760,000

  12. Seniors.com — $1,800,000

  13. 37.com — $1,960,800

  14. Computer.com — $2,100,000

  15. 114.com — $2,100,000

  16. KK.com — $2,400,000

  17. Youxi.com — $2,430,000

  18. Investing.com — $2,450,000

  19. Social.com — $2,600,000

  20. CreditCards.com — $2,750,000

  21. Shopping.de — $2,858,945

  22. Candy.com — $3,000,000

  23. Vodka.com — $3,000,000

  24. Whisky.com — $3,100,000

  25. MI.com — $3,600,000

  26. IG.com — $4,700,000

  27. Medicare.com — $4.8 million

  28. Clothes.com — $4,900,000

  29. Toys.com — $5,100,000

  30. Slots.com — $5,500,000

  31. Z.com — $6,784,000

  32. Diamond.com – $7,500,000

  33. We.com — $8,000,000

  34. Porno.com — $8,888,888

  35. Porn.com — $9,500,000

  36. Fund.com — $9,999,950

  37. Sex.com — $13 million

 

Other expensive domain names not listed by DNJournal (either because they were sold prior to 2003 or other assets were sold with the domains):

Source: Domaining, Wikipedia
Checks by citifmonline.com show that the amount  of $8,000 dollars spent for a domain name is relatively higher.  I don’t need to run check to know this especially for the intended purpose.
From experience as a web entrepreneur this is not right and it a clear case of financial mismanagement or simply put corruption.
What are your thoughts on this issue? Kindly comment below.

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